Soybean Comment
Soybeans lost ground but overall declines were limited by strong export demand. Potential weather delays in harvest for parts of Brazil also tempered declines. Technically, November futures dipped below support around $12.00. However the market firmed and appears to be consolidating just above that level. There is no indication that index funds are ready to abandon ship. Other key support is located around $12 and then at $11.67 ½.

Wheat
Cash bid for new crop at Memphis 825 to 830;

Bids to farmers at Local Elevators

810-832;

River Elevators

812-835;

Chicago Futures:

Mar

down

41

at

1007

May

down

60

at

1025

Jul

down

49

at

930

Sep

down

60

at

930

Jul '09

down

33

at

871

Today's Arkansas LDP rate for wheat is:

0¢

Grain Sorghum
Cash bid for February at Memphis 889 to - - -;

Bids to farmers at River Elevators

779-841;

Today's Arkansas LDP rate for sorghum is:

0¢

Corn

Cash bid for

February at Memphis
490 3/4 to - - -;

new crop at Memphis
482 1/2 to 487 1/2;

Bids to farmers at River Elevators

462 to 488

Chicago Futures:

Mar

down

5 3/4

at

497 3/4

May

down

5 3/4

at

511

Sep

down

5 1/2

at

520 1/2

Dec

down

5

at

520 1/4

Today's Arkansas LDP rate for corn is:

0¢

Grain Comment
Wheat futures posted sharp losses today after charting a key reversal yesterday. This market is showing signs of topping. While supplies of good quality wheat are tight now, the soft red winter wheat crop should be significantly larger than a year ago, and that will add pressure in Chicago.

Cotton & Rice Date: February 12, 2008

Cotton

Spot Price, Grade 41 Staple 34:

Memphis down 14 at
6252

Greenwood down
14 at 6252

New York Futures:

Mar

down

21

at

6695

May

down

32

at

6869

Jul

down

39

at

7037

Dec

down

34

at

7543

Mar '09

down

45

at

7900

This week's LDP rate for cotton is

0 cents

The estimate for next week is

0 cents

Cotton Comment
Cotton was lower again today with December testing support near 75 cents. The market is looking at two key factors. First, big U.S. and world stocks will limit upside for old crop. Second, much smaller U.S. plantings in ’08 will lead to much tighter stocks a year from now. The National Cotton Council planting intentions survey put ’08 plantings at 9.55 million acres. Many analysts think it will be even less. With over half the acreage in Texas it could vulnerable and production could decline from current expectations.

Rice

Long Grain Cash Bid for

Feb/Mar

1360/cwt

to

- - -

- - -

- - -

to

- - -

Chicago Futures:

Mar

up

9

at

1560

May

up

7 1/2

at

1589 1/2

Jul

up

21

at

1615

Sep

up

5

at

1541 1/2

- - -

up

- - -

at

- - -

Today's Arkansas LDP rate for long grain rice is

0¢

medium grain rice is

0¢

Rice Comment
Rice remained on the positive side despite the near limit declines in wheat. That may indicate rice will be on its own for a while. The tight situation worldwide and in the U.S. may have further impact on price. As this market rises it will tend to pull some additional acres back into rice in the U.S. But, even that won’t solve the tight world situation that has developed over the past 6 or 7 years. Old crop March will need to close above $15.73 while September will need to close above $15.49.

Cattle & Hogs Date: February 12, 2008

Cattle
As reported by Federal-State Market News, receipts were 466 head
at sales in Marshall.
Compared with last week, feeder steers sold $2-3 higher, heifers firm to $2 higher .

Cattle Comment
Cattle futures were mostly lower. Futures’ premium to cash prices is limiting the upside. Wholesale beef prices have increased enough this week that packer margins are now estimated to be back in positive territory.

Delmarva BroilersU.S. Grade ATrade sentiment was fully steady to firm. Supplies of all sizes were in balance to short of full trade needs. In
production areas, live supplies were moderate at mostly desirable weights.